Mishcon unveils turbo-charged results as turnover leaps 20 per cent

Mishcon de Reya is on track to smash its three-year budget target after unveiling 20 per cent revenue growth at the 2011-12 year end.


Kevin Gold
Kevin Gold

Mishcon de Reya is on track to smash its three-year budget target after unveiling 20 per cent revenue growth at the 2011-12 year end.

The firm saw turnover rise from £61.5m to £73.1m putting it in good stead to achieve its £80m target by 2012-13.

Mishcon de Reya managing partner Kevin Gold told The Lawyer the firm was “ahead” in terms of its planned budget, adding: “Continued growth at this level, across all areas of the firm, confirms that our strategy is paying dividends.”

The revenue hike comes on the back of 30 per cent growth, from £47.5m to £61.5m, at the 2010-11 year end (2 June 2011). Over the last five years Mishcon has seen turnover rise by 55.2 per cent from £47.1m at the end of the 2007-08 financial year.

Average profit per equity partner (PEP) is also on the rise up 20 per cent from  £575,000 to £700,000. Over the five year period, however, PEP has fallen from £740,00 reflecting investment in the firm and growth of the equity partnership from 24 to 28 during the last year.

Gold said the firm’s strategic decision to forge closer links between its private client group and its dispute resolution practice had driven revenues upwards.

The firm lay the foundations for the move in 2009, taking the decision to move its powerful family group – headed by partner Sandra Davis – into its private client group back (22 June 2009).

Gold commented: “There has been an escalation of the interface between private client and litigation.” The firm’s dispute resolution practice encompasses employment, family, private client and pure litigation – together contributing more than half the firm’s turnover.

Gold said the firm was unlikely to expand its partnership base significantly over the next twelve months but would look to instil efficiencies to drive up net profit.

The firm is expecting, however, to add to its partnership in New York, with the office generating revenues of $8m, which are not included in the London turnover. The firm opened in New York in January 2010 after hiring a team of litigators from Sheppard Mullin Richter & Hampton (18 January 2010).

Last year it expanded the office, adding a family practice on the back of the appointment of family partner Michael Stutman from US firm Mayerson Stutman Abramowitz (30 November 2011).